This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly … significantly related to higher working effort but not to risk taking. They also seem to induce fund managers to rely more on … fundamental information. Findings within regions are confirmed by Trans-Atlantic evidence as US fund managers receive larger …

Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to … motivate managers to aquire superior information and to make better investment decisions. A part of the literature analyzes …

of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but is consistent with many of the facts, is selection. Managers and industry specialists may have … information about a firm?s prospects that is unavailable to outside investors. In order to induce managers to be truthful about …

assign a non-profit-maximization objective to their managers. Consequently, managers in a delegation game invest more in cost …

. As a practical example, the professional competition between fund managers is considered. To explore how different …

, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in … ability and have the opportunity to take excessive risk. To match the benchmark, fund managers may increase the risk of their …

. As a practical example, the professional competition between fund managers is considered. To explore how different … evolutionary model is developed. Using a simple genetic algorithm, two attributes of virtual fund managers evolve: the share of … does not necessarily select managers with efficient portfolios. These results underline the institutional need for the …